Central Bank Approves ZamZam Bank's President

Oct 17 , 2020

The National Bank of Ethiopia (NBE) has approved the appointment of Melika Bedri, an ex-chief financial officer at Commercial Bank of Ethiopia (CBE), as the first president of the pioneering fully-fledged, interest-free ZamZam Bank. Melika, who was relieved of duties at her previous employer in August, had been serving CBE for the past three decades in different positions. She has served as manager of promotion as well as in the treasury department and as assistant vice president for marketing & research. The only sitting female president in the banking sector, she will be the first to break the ice on interest-free banking services in Ethiopia. ZamZam Bank has received its operating license from the central bank and is expected to start operations within the next three months. The Bank, which was under formation for over a year, has managed to raise paid-up capital of over 870 million Br and 1.8 billion Br in subscribed capital from 11,200 shareholders. It reinstated the process of formation a decade later after a failed trial, following central bank approval of IFB operations beyond window service. Currently, more banks are in the making to serve wholly interest-free banking services, including Hijira, Zad, Kush and Huda Banks. Half of the commercial banks in the country provide interest-free window service.



Addis Abeba strives to be a city of distinction with a glamorous look. But lately, most parts of the city are overwhelmed by informal street vendors. Underneath the bridge around La Gare, commonly known as Lagahar, a street vendor sells pieces of watermelon from a mobile pushcart. Watermelon is a flowering plant species with more than 1,000 varieties worldwide. It lowers high blood pressure and cholesterol levels when taken regularly. Ethiopia exported 483tns of watermelon to Djibouti in 2018, w...



Since its establishment during the reign of Emperor Haile Selassie, Meskel Square, on the interseciotn of Africa, Ras Mekonen and Jomo Kenyatta avenues, has been one of the landmarks of Addis Abeba. Having been the site for public gatherings, rallies and festivities like (Meskel celebration), the Square laid out a somewhat classy atmosphere to the city and has become a recreational centre with a mesmerizing look. Following the Beautifying Sheger Initiative, the refurbishment of the Square was in...



Addis Abeba's Stadium neighbourhood has been home to driving and cycling trainees for decades. Homeless children favour the location for its open spaces and high traffic. They ride rented bikes around on a school day. Pangs of hunger are numbed out by riding in circles on top of colourful bikes for the children. They were escaping vicious cycles of poverty on top of bicycles, if only for minutes...